Which of the following BEST describes the Indian economy:
a mixed economy that favors free markets
a mixed economy that favors government control
a pure market economy
a pure command economy
Answer: a mixed economy that favors free markets
Explanation:
Most Asian countries, such as India, have mixed economies, meaning that they combine capitalistic and socialist features. Although the private property is protected and there´s economic freedom, the government does interfere in some economic actions to manage social issues.
In the present, India's economy is dependant on the service sector, specializing in pharmaceuticals, services providers, information technology, and software development services.
